Progressive (NYSE:PGR) Insider Sells $150,201.75 in Stock

The Progressive Corporation (NYSE:PGR) insider Maribel Pumarejo sold 739 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Progressive Stock Performance

PGR stock traded down $1.36 during midday trading on Wednesday, hitting $204.73. 1,192,897 shares of the stock traded hands, compared to its average volume of 3,664,709. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.38 and a quick ratio of 0.29. The firm has a market cap of $120.05 billion, a P/E ratio of 10.63, a PEG ratio of 8.88 and a beta of 0.32. The stock’s fifty day simple moving average is $211.50 and its 200-day simple moving average is $225.87. The Progressive Corporation has a 1-year low of $197.92 and a 1-year high of $292.99.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Friday, January 2nd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a yield of 0.2%. Progressive’s payout ratio is 2.08%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on PGR shares. Jefferies Financial Group set a $216.00 target price on Progressive in a report on Wednesday, February 11th. Roth Mkm set a $235.00 price target on Progressive in a research report on Thursday, February 19th. Citigroup reduced their target price on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. Barclays raised Progressive from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $257.00 to $265.00 in a report on Thursday, January 8th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Progressive from $303.00 to $275.00 and set an “overweight” rating for the company in a research report on Wednesday, January 7th. Six analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Progressive has an average rating of “Hold” and a consensus price target of $244.71.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Tempo Wealth LLC acquired a new position in Progressive in the 4th quarter valued at approximately $33,605,000. River Road Asset Management LLC grew its holdings in shares of Progressive by 6.5% during the 4th quarter. River Road Asset Management LLC now owns 441,224 shares of the insurance provider’s stock valued at $100,476,000 after acquiring an additional 27,086 shares in the last quarter. SG Trading Solutions LLC acquired a new position in shares of Progressive in the fourth quarter worth $1,561,000. Pacer Advisors Inc. raised its holdings in shares of Progressive by 17.6% during the fourth quarter. Pacer Advisors Inc. now owns 55,506 shares of the insurance provider’s stock worth $12,640,000 after acquiring an additional 8,298 shares in the last quarter. Finally, Kera Capital Partners Inc. raised its holdings in shares of Progressive by 28.1% during the fourth quarter. Kera Capital Partners Inc. now owns 1,926 shares of the insurance provider’s stock worth $401,000 after acquiring an additional 422 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Company Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.